In this article we will provide the information related to the Canara Bank cash handling charges imposed by banks, along with their applicability and regulations.
Cash handling charges are fees applied by banks for specific cash transactions and services. These charges are designed to cover the costs associated with processing, counting, and managing cash, as well as to promote digital transactions.
CANARA BANK CASH HANDLING CHARGES FOR SAVINGS BANK ACCOUNTS
Cash handling charges may vary depending on the type of account and the amount of cash involved. It is essential to understand these charges to make informed decisions about your banking transactions.
CANARA BANK CASH HANDLING CHARGES UP TO ₹50,000/-
For savings bank accounts, when the cash deposit is up to ₹50,000, the following charges apply:
3 Transactions Free in a Month:
You can make up to three transactions free of charge in a month.
4th Transaction Onwards:
Starting with the fourth transaction in a month, you will incur a charge of ₹1 per thousand or part thereof, with a minimum fee of ₹50 and a maximum fee of ₹5,000 per transaction.
Per Day Remittance up to ₹1,00,000/-:
Cash remittances up to ₹1,00,000 per day are free of any cash handling charges.
For cash deposits above ₹1,00,000, the cash handling charges are as follows:
₹2/- per ₹1,000/- or Part Thereof: You will be charged ₹2 for every ₹1,000 or part thereof.
Minimum Charge of ₹100/-: There is a minimum charge of ₹100.
Maximum Charge of ₹5,000/- per Transaction: The maximum charge for a single transaction is ₹5,000.
It is important to note that these charges are applicable uniformly across all branches of the bank. If a customer makes multiple cash remittances in a day, cash handling charges shall be debited at the end of the day.
CANARA BANK CASH HANDLING CHARGES ABOVE ₹50,000/-
For cash deposits exceeding ₹50,000, the following charges apply:
₹1 per Thousand or Part Thereof: You will be charged ₹1 for every ₹1,000 or part thereof.
Minimum Charge of ₹50/-: There is a minimum charge of ₹50.
Maximum Charge of ₹5,000/- per Transaction: The maximum charge for a single transaction is ₹5,000.
ADDITIONAL CHARGES FOR CASH REMITTANCE OF SMALL DENOMINATIONS (₹50 AND BELOW)
In addition to the standard Canara Bank cash handling charges, there are specific charges for cash remittances involving small denominations of ₹50 and below.
These charges apply to both savings accounts (SB) and current accounts (CA), overdraft (OD), and cash credit (CC) accounts.
Up to 1000 Pieces/10 Packets
No Charges: There are no charges if the cash remittance consists of up to 1000 pieces or 10 packets of small denominations.
Beyond 1000 Pieces/10 Packets
₹10/- per Packet or Part Thereof: If the cash remittance contains more than 1000 pieces or 10 packets of small denominations, you will be charged ₹10 per packet or part thereof.
Minimum Charge of ₹10/-: There is a minimum charge of ₹10.
Maximum Charge of ₹10,000/- + GST: The maximum charge for such remittances is ₹10,000 plus applicable GST.
Note: These additional charges for small denominations are in addition to the regular cash handling charges.
CASH REMITTANCE AT CASH DEPOSIT MACHINE/KIOSKS/ALTERNATIVE CHANNELS
When cash is remitted using cash deposit machines, kiosks, or alternative channels, the following rules apply:
Regular Canara Bank Cash Handling Charges:
Regular cash handling charges shall be applied to both savings accounts (SB) and current accounts (CA), overdraft (OD), and cash credit (CC) accounts, as applicable.
Clubbed Remittances:
Cash remittances made at both home and non-home branches, cash deposit machines, and kiosks (even if remitted on previous holidays) will be clubbed together to determine the free entitlement and levy suitable charges as per the guidelines mentioned earlier.
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CONCLUSION
Understanding Canara Bank cash handling charges is essential for managing your banking transactions efficiently. These charges are applied by banks to cover the costs associated with cash processing and encourage digital transactions.
Depending on the type of account and the amount of cash involved, different charges may apply. By familiarizing yourself with these charges, you can make informed decisions when conducting cash transactions in Bank account. If you want more information about the above article, please visit Canara Bank.